1. Field of the Invention
This invention relates generally to wagering systems, and more particularly to a pari-mutuel wagering system wherein a primary pool of wagers is split into two pari-mutuel funds that are paid as a result of two different sets of wagering options.
2. Description of Related Art
Various forms of “sweep” wagers are known in the art, in which bettors select the winners of four or more successive races. In the United States, the “Pick 4” and “Pick 6” wagers are popular. While “consolation” payouts may be made for mostly correct picks (5 of 6 in the Pick 6), many of the jackpots rollover to future days in the event that nobody wins on a given day. While the large jackpots can be attractive, betters often perceive this as a difficult bet to win, because picking 6 winners in a row (or even 5, for a consolation prize) is difficult.
There are many other betting options that have much higher chances of success; however, these higher odds bets pay much lower amounts, and are therefore not as thrilling.
There is a long-felt need in the field for a wagering system that includes a first chance of winning with attractive odds of winning an initial payout, and also includes a second chance of winning in a “bonus” pool with a potentially much higher payout amount.
The prior art teaches pari-mutuel wagering; however, the prior art does not teach splitting a pari-mutuel pool into a first pari-mutuel betting pool that may be won by selecting winners in a first group of races, and a second pari-mutuel betting pool that may be won by selecting winners in a second, “bonus” group of races. The present invention fulfills these needs and provides further related advantages as described in the following summary.